Gold closed at a strong support level. Perhaps a new trend is about to start (short-term). Looking for BUYS at this level. However, if it breaks this level on Daily TF to the downside, it invalidates my bias and looks to SELL, at a confirmed pullback for downward continuation.
There was a break of 1.09 price to the downside—a retest of this area for the price to continue downward. However, if the price breaks this level to the upside, wait and enter buys at the rebound towards 1.11 and beyond.
NOTE: NFP will be published tomorrow at 8:30 am. Ideally, we want to wait for the news, before committing to a trading opportunity.
Weekly Forecast: 6/ 6 - 10/22
I expect Price correction to the 160.176 and possibly 158.862. Profit targets have been outlined.
At the Completion of this pullback, we should expect price rebound to the upside or possible bearish continuation.
On the Flip side, if the Price breaks above 164.179, we should expect a continuation to the 167.000 psychological area.
There were many speculations of GBPJPY going bullish. However, the price consolidated and got rejected @ 161.09 area. This is going to be my setup for next week. Wait for the breaks !!
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